NuScale Power Corporation

NuScale reported Q2 2026 revenue of $0.1 million versus $8.1 million in the same quarter last year. The year-over-year decline was attributed to the completion in late 2025 of Fluor front-end engineering design Phase 2 work for RoPower, which had no comparable activity in the current quarter. The company closed Q2 with approximately $1.9 billion in cash, cash equivalents and investments, up $900 million from March 31, 2026. No EPS, gross margin, or full-year financial guidance was provided on the call. Management said as project activity advances, both product and services revenue are expected to grow, and that commercialization-related spending is being positioned conservatively around future contracts.

John Hopkins focused on NuScale’s “readiness” story, arguing that regulatory approval, conventional fuel, mature engineering, and a contracted supply chain separate it from competitors. He emphasized that the company has spent years completing engineering before construction, citing lessons from past nuclear overruns, and said NuScale is near-term deployable. His tone was confident and promotional, especially on TVA, RoPower, and process heat opportunities, but he repeatedly tied future progress to definitive agreements.

Robert Hamady highlighted the quarter’s small revenue base and explained that the decline versus last year reflected the absence of RoPower FEED Phase 2 work. He stressed liquidity management, saying cash, cash equivalents and investments increased to approximately $1.9 billion, and that the balance sheet now supports longer-term planning rather than startup-style burn-rate thinking. He also said more than half of supplier relationships have agreements in place and that the company is investing in supply chain agreements, fuel design, and other commercialization enablers to reduce deployment time and de-risk first-project costs. On OpEx, he said management has historically kept quarterly spending in a disciplined band and does not want cost creep to pressure liquidity.

Analysts focused on TVA timing, the role of Japan and South Korea commitments, the competitive durability of NuScale’s SMR position, process heat use cases, Romania’s RoPower milestones, and the company’s cash deployment plans. Management said the Japan/South Korea investment announcements are encouraging but not required for TVA’s capital structure, reiterated that ENTRA1 is the plant developer while NuScale builds reactors, and said TVA discussions are active and progressing. On RoPower, management said a new government is being seated, they plan to visit Bucharest, and the project is now in pre-EPC with final notice to proceed likely about another year away. On capital deployment, management said spending will ramp as commercialization advances, with the commercial contract as the main catalyst.